Ford plans to axe 1150 United Kingdom jobs: Union

JLR and Ford prepare for mass job cuts

According to the firm, it is "accelerating key fitness actions and reducing structural costs".

If plans go ahead, the 990 jobs to be lost at Bridgend - nearly half of the site's workforce - will go in two phases by 2021, as part of 1,150 losses across the UK.

Ford has announced new plans to improve profitability and cut costs by expanding in some vehicle segments, including EVs, and exiting others as well as making job cuts.

"We are taking decisive action to transform the Ford business in Europe", Steven Armstrong, group vice president and president for Europe, Middle East and Africa said in a statement.

The Blue Oval says its made-in-Europe passenger vehicle range will have a "more targeted portfolio" concentrating on technology, its well-established "fun-to-drive DNA" and, of course, more crossovers. The 52-week range is $7.41 to $13.48, and the consensus price target is $9.97.

Ford declined to confirm the figures and said it was now consulting with unions.

With speculation swirling about the details of an nearly certain link up between Ford Motor Co. and Volkswagen AG, the company announced it plans to cut "thousands" of jobs in Europe in the near term. Britain's biggest carmaker has been facing issues in terms of European sales and also fears that it will see a double-digit drop in demand in China.

"This includes today's announcement of investment in next generation electric drive units to be produced in Wolverhampton and a new battery assembly centre in Hams Hall".

Ford lost $245 million in Europe in the third quarter as sales slumped in Turkey and Russian Federation.

Ford said then it would invest $4 billion through 2023 in its newly formed Ford Autonomous Vehicles LLC, including the $1 billion it previously had earmarked for Argo AI, the Pittsburgh-based self-driving startup it acquired in 2017.

Going forward Ford will seek to offer an electric or hybrid version of all its vehicles and the electrification plans are not contingent on striking a deal with Volkswagen, Armstrong said.

The company was in negotiations with worker representatives about potential cuts at its Saarlouis plant in Germany, where 6,190 staff assemble cars, as the carmaker considers discontinuing production of its Ford C-Max model.

Ford is establishing three business groups in Europe, for commercial vehicles (based in Dunton, Essex), for passenger cars (based in Cologne, Germany) and for an expanded range of imported models.

It will also consolidate its United Kingdom and credit headquarters at its technical centre in Dunton, and review its Russian joint venture, Ford Sollers. The company said it will launch a strategic review of its Ford Sollers venture that is based in Russian Federation, with a number of restructuring options available.



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